Tether-backed crypto exchange is ditching the ‘retail’ label to build the secret plumbing for Europe’s biggest banks

CoinDesk

by Francisco Rodrigues

February 24, 2026

AI-Generated Deep Dive Summary

Spain’s largest cryptocurrency exchange, Bit2Me, has transitioned from a consumer-focused platform to a critical backend infrastructure provider for banks and law enforcement. With an EU Markets in Crypto Assets (MiCA) license secured, the company is expanding into new markets like Portugal and Italy, with plans to enter France and Germany. In 2025, Bit2Me saw a massive increase in trading volume—reaching €5.3 billion ($6.24 billion)—up eightfold from 2023, driven by business-to-business growth, which rose to 27% of total revenue. The exchange has developed an API product that allows financial institutions to outsource their crypto operations. This shift has enabled Bit2Me to partner with major banks and telecom giants like Bankinter, Unicaja, Cecabank, and Telefónica, as well as Tether. The company generated $25 million in revenue last year, largely from its new B2B offerings. Its compliance efforts, including 3,000 hours of regulatory work and a €2.5 million ($2.9 million) investment, temporarily impacted profitability but opened doors for significant expansion. Bit2Me is also building a unique role as a “crypto liquidator” for governments. By partnering with Interpol, Europol, and Spanish police, the exchange has created a system to convert seized digital assets into fiat currency using blockchain analytics firm Chainalysis. In 2025 alone, Bit2Me processed €1.5 million ($1.76 million) in confiscated crypto on behalf of law enforcement agencies. This strategic pivot highlights the growing maturity of the crypto industry as a financial infrastructure provider. Bit2Me’s success demonstrates how regulated exchanges can leverage their compliance expertise and innovative services to capture market share, particularly among traditional financial institutions. The company’s expansion into key European markets underscores its ambition to become a trusted partner for banks and governments across the continent.

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Originally published on CoinDesk on 2/24/2026